London insurtech expands platform via £12.3m scaleup investment

London based insurance software solutions provider, Genasys, has announced an investment of £12.25m from software Scale-up investor, Frog Capital.

The investment will see Frog take a “significant” stake in the business, with the Genasys management team retaining operational control.

Genasys’ dynamic SaaS platform is unique in providing modularised end-to-end policy administration and claims solutions for insurance business across the full spectrum of the industry.

Jens Düing, senior partner at Frog Capital, commented: “We are delighted to invest in Genasys. The company has already created an industry leading modular state-of-the-art platform that is gaining increasing momentum in a transforming ecosystem.

“The platform allows its customers a much faster time to market. We look forward to supporting André and Craig in the expansion of the business.”

Genasys Joint CEO, André Symes, said: “Our platform and ecosystem have been widely adopted by forward-thinking insurance businesses who have bought into the need for agile, quick to change technology. It’s a mindset that is gathering pace across the insurance industry – personal and commercial lines, in the London market space and beyond.”

Joint CEO Craig Oliver added: “Our centre of technology excellence is the crown-jewel of our delivery.

“We want to lean on the innovative and technically advanced pool of talent that is emerging from the entrepreneurial spirit in South Africa to build a truly world-class insurance platform and deliver even better services and products to help our clients provide insurance solutions that make a real difference to their clients.”